Features

Threat of Split Looms as South Africa’s ANC Picks New Leader

Posted on by The Editorial Team
Threat of Split Looms as South Africa’s ANC Picks New Leader

JOHANNESBBURG (Capital Markets in Africa) – As delegates from South Africa’s ruling African National Congress gather this week to pick a new leader to succeed President Jacob Zuma, they face a challenge that’s threatening to overshadow the contest: to stop the party from splitting. The likelihood of a breakup is probably the biggest in the ANC’s 105-year-old history, especially if Nkosazana Dlamini-Zuma, the president’s ex-wife and favored contestant, beats his deputy, Cyril Ramaphosa, in the vote for party leader,…

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Kenya Opposition Delays Plan to Swear-In Leader as President

Posted on by The Editorial Team
Kenya Opposition Delays Plan to Swear-In Leader as President

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called People’s Assembly, after the government warned such a step would amount to treason. A ceremony that was to be held in the port city of Mombasa Dec. 12 was called off after “extensive internal consultations and engagement with a wide range of national and international interlocutors,” the National Super Alliance said in an…

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Steinhoff’s Wiese Said to Be in Talks for Standstill on Loan

Posted on by The Editorial Team
Steinhoff’s Wiese Said to Be in Talks for Standstill on Loan

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chairman Christo Wiese, seeking to stabilize the embattled retailer, is negotiating a standstill agreement on a 1.5 billion-euro ($1.8 billion) margin loan under which banks would suspend the sale of stock until next year, according to people with knowledge of the discussions. The owner of Mattress Firm in the U.S. and Poundland in the U.K. needs a lifeline after its stock plunged last week when it delayed publication of…

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Heineken Starts $100 Million Mozambique Brewery in Africa Push

Posted on by The Editorial Team
Heineken Starts $100 Million Mozambique Brewery in Africa Push

MAPUTO (Capital Markets in Africa) – Heineken NV, the world’s second-largest brewer, started building a $100 million plant in Mozambique as it seeks to compete with its larger competitor, Anheuser-Busch InBev SA/NV, in the southeast African country. The brewery, to be located in Maputo province, will have a capacity of 800,000 hectoliters and will start production in the first half of 2019, Heineken said in an emailed statement Monday. The world’s two beer-making giants are expanding…

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Steinhoff Rocked as Accounting Probe Claims Retailer’s CEO

Posted on by The Editorial Team
Steinhoff Rocked as Accounting Probe Claims Retailer’s CEO

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S. The owner of the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. said late Tuesday that CEO Markus Jooste quit as it appointed auditor PwC to probe the matter. The stock…

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Uganda’s Museveni Defends Plan to Remove Presidential Age Limit

Posted on by The Editorial Team
Uganda’s Museveni Defends Plan to Remove Presidential Age Limit

KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni said removing an age limit for the top job, a move that would allow him to seek a sixth term, could help ease what he called a leadership crisis in Africa. Maintaining the age limit of 75 would deny the East African nation the constitutional right to choose its leaders, Museveni told a parliamentary committee on Tuesday, according to a statement on his website. The committee is…

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EU to Rubber-Stamp Tax Blacklist as It Takes on Tech Giants

Posted on by The Editorial Team
EU to Rubber-Stamp Tax Blacklist as It Takes on Tech Giants

LONDON (Capital Markets in Africa) – The European Union is set to agree on a blacklist of tax havens that could potentially face sanctions for failing to bring their standards in line with the bloc, as it seeks to further step up its fight against opaque practices that facilitate avoidance by multinationals and individuals. The group of jurisdictions is set to be rubber stamped by EU finance ministers at a meeting in Brussels on Tuesday. According to a…

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